Union Budget 2025-26: Finance Minister Nirmala Sitharaman presented the Union Budget for FY 2025-26 today. This was the eighth consecutive budget of Nirmala Sitharaman. The biggest announcement of this time was to change the INMM tax system. Now there will be no income tax on the annual income of up to Rs 12 lakh. This change will provide relief to the middle class, especially the salaried class and will promote savings, expenses and investment.
According to the new tax system, no tax will be paid on annual earnings up to Rs 12 lakh. Apart from this, salaried people will also get the benefit of standard deduction of Rs 75,000, which will make an income tax free of a total of up to Rs 12.75 lakh. This will increase people’s spending income, which will strengthen the economy.
Budget 2025: Where will the government get the money?
Suppose the government earns 100 rupees in this financial year, then the sources of income of the government are going to be:
Budget 2025: Where will the government spend money?
If the government has a total of Rs 100, then it will spend the largest part of the income at these places:
How is this different from the previous budget (2024-25)?
Budget 2025 shows that the government is now trying to raise more revenue than tax by taking less loans. In terms of expenditure, states have got more funds and the government is moving towards strengthening financial discipline. Also, funding for welfare schemes, infrastructure and defense sector has also been maintained.